SAN FRANCISCO - San Francisco plans to refund its outstanding Ambac AssuranceCorp.-insured convention center debt next month in a deal that will complete the city's efforts to repair its variable-rate portfolio.

The city, California's fourth-largest, plans to sell up to $147 million of variable-rate demand obligations through the City and County of San Francisco Finance Corp. in early September to refund $144.3 million of lease-backed bonds sold to finance the expansion of the George R. Moscone Convention Center in 2000.

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